In bitcoin, the transactions are not encrypted. The transactions are put in a block and then the block is hashed based on the current difficulty.
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— My answers —
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Transparency: The blockchain’s digital ledger is always available to all of its participants and the existing data cannot be altered nor deleted.
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Security: the data in the blockchain must be agreed and verified by all of the participants through consensus, and it is stored in a decentralized network rather than in a single location, making any malicious attempt of hacking it virtually impossible.
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Improved traceability: since the information on the blockchain database cannot be destroyed, the digital ledger contains the full history of every element and therefore allows to easily trace its origin.
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Increased efficiency and speed: blockchain removes the need of middlemen and third party figures and relies instead on the procedures of the network, by doing so it makes the process more automatic and eliminates the risk of human errors.
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Reduced cost: increased speed and efficiency lead obviously also to a reduction of costs; blockchain’s proceduralism reduces the need of hiring third parties to execute/validate operations and/or secure the network.
No worries. Keep on learning and keep on improving. 
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1. Transparency: Data is only added to the blockchain after it is validated and agreed upon by the nodes in the networks, and once recorded it is (basically) impossible to change. All participants can view and audit the transactions.
2. Security: All network participants share the same version of the transaction record. Because there are so many nodes, and nodes are also geographically scattered across the globe it becomes almost impossible to compromise the network.
3. Improved traceability: “Farm to Table”, “100% organic” or even the absence of child-labor become actual verifiable claims and not just marketing buzz once every exchange of an asset (where it came from and every stop it made) is recorded on the blockchain.
4. Increased efficiency and speed: A lot of the time consuming bureaucratic- and legal (trust enabling) or data-converting layers in a process can be removed when record-keeping is performed in one format on a single digital ledger that can be accessed by everyone that needs this information.
5. Reduced cost: In the long term; once these systems are in place the increased efficiency means less time is spend on tedious tasks such as requesting and reviewing information. Also less 3rd parties are needed to ensure trust between parties. But in the short term it actually requires investment. For example in highly skilled individuals that can help companies in migrating their workflows to the blockchain. Eventually costs can be reduced by better streamlining processes, laying off some people in lowskilled- or administrative jobs etc. but this is not the strongest (or most popular) selling point in my opinion.
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The Benefits of Using a Blockchain
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Transparency: Transparency is the result of a computer network using the exact same documentation rather than individual systems. It comes along with accuracy and consistency.
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Security: When transactions are added to the system, they are encrypted and kept private in order to keep hackers from stealing personal information and altering the transaction itself.
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Improved traceability: Traceability works to prevent fraud and track the overall history of a specific asset.
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Increased efficiency and speed: Blockchain works to streamline and automate trading processes, making the completion of transactions easier to make and faster to send.
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Reduced cost: It costs plenty of money to run a business because the company must trust on other companies to assist them. However, in blockchain, trusting another business partner is not needed; you need to trust only the data on the blockchain.
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Ok, thanks. Guess I am confusing hashing with encryption…
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Transparancy - The distributed nature of data on a blockchain means that all participants have access (can see), the same information at the same time. There aren’t separate copies of the data or records, stored on individual nodes, the data record acts as a single entity so when a new piece of information is added, all instances of that record are simultaneously updated with the same information. It is not necessary to perform time consuming , complicated and dense paperwork to ensure all accounts balance. The transaction history is immediatly available for all relevant parties to see.
Security- There are several advantages in terms of security in using a blockchain structure. Firstly there needs to be consensus (i.e agreement) on the information being being stored on ht eblockchain, be it a transaction, proof of ownership or some contractual execution. The reduces possibility for error/fraud/manipulation. Then, all information is encrypted and the record is distributed among all nodes in the network. So if you wanted to tamper withn the information, you would need to de-crypt the encryption on not just one , but all nodes in the network, which could potentially be thousands. In addition, you would have to update the whole blockchain which would most likely be millions of blocks, each encrypted. The cost computing power needed to achieve this would severely outweigh any potential gain from tampering.
Improved Tracebility- Given that a blockchain is an immutable record, it means that supply chain informaion- from origin of a good/service, labour source, taxes or duties paid, or any activity associated with the good/service, is logged and cannot be censored or changed. This make tracebility instantaneous, accurate and transparent.
Increased efficiency and speed- Utilising a blockchain eliminates middlemen, rent-seekers and thus beaurocracy , in all it reduces the friction in transacting, making the whole process faster, clearer and cheaper.
Reduced cost- See above. Reduced friction and middlemen means fewer fees to pay.
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- Transparency:
It would take an enormous collective effort and collusion of the entire network in order to make even small alterations. Recordings of all of the actions would be transparent to all the access holders and would be completely the same and unchangeable without all the parties involved.
- Security:
Every action has to be approved by all parties and it needs to be connected to the previous one, therefore it will almost not be possible to hack.
- Improved traceability:
Due to the nature of the blockchain, it creates an audit trail of every product from A to Z, therefore there will be no need to try to trace every product manually, which would be too time consuming.
- Increased efficiency and speed:
Due to having 1 ledger that deals will all the micro operations, it reduces actions to be made as well as amount of people involved. It also eliminates human error. Instead of massive amount of paperwork to go through, it would be 1 clear trail.
- Reduced cost:
You can save the expensive time by removing middlemen and accepting written guarantees, instead just having access to all of the data in the blockchain right away, in order to make a decision.
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Transparency. Blockchain technology is a distributed ledger where all users see the same thing, and any change made needs to be agreed by all. In contrast paper documentation can be modified at any stage by any party. All users have access to the same immutable data.
Security. Transactions are approved and encrypted, and records maintained in each block of the blockchain, so no changes can be made in any one block, preventing cheating or fraud.
Improved Traceability. With blockchain there is an audit trail that allows users to verify what has been added at each point of the supply chain. This historical data cannot be changed or modified preventing fraud.
Increased Efficiency and Speed. Paper trails and separate copies of documents become nonexist. Everyone has access to the same information at all times. Human error at different stages of the transaction is removed and so is the need for arbitrage. Less intermediaries are needed.
Reduced Costs. Reduced costs come with less intermediaries, no paper trail, and increased speed.
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Transparency: Because by having records of the transactions public, will be easy to track transactions, generate data, audit and verify all information available in the network.
Security: Single point of failure is detrimental for any global project. Bitcoin or blockchain in general has unified existing technology to create a network that is protected by computational power used to create consensus between different parties and governed by a protocol.
Improved traceability: I don’t know if this improves blockchain but it may certainly help for specific use cases.
Increase efficiency and speed: Transactions need to be verified quick and securely. If network can not support high amount of transactions then it will clog and become useless as global adoption grows.
Reduced costs: No intermediaries is disruptive and blockchain aims to have 0 intermediaries, being fully accountable and reconfigure the world as we know it.
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Transparency: Transparency provides more thrust in doing business
Security: Secure blockchain ensures the provided data in the ledger could not be hacked
Improved traceability: You can ensure that through traceable transactions, the final product/service has a high standard
Increased efficiency and speed: Through increased efficiency and speed, you can provide better and faster service in your business through blockchain
Reduced cost: Through reducing costs via using a blockchain solution, you’ll spend less money and can provide better prices
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
All transactions are are recorded in the blockchain on the ledger open for all to see. Flo of info and transaction history are mathematically tattooed and therefore act as irrefutable proof.
Security:
It is EXTREMELY difficult to tamper or change onchain data as the resources hackers would need is so vast -to change every other transaction in order to compromise the blockchain is almost impossible, so sensitive information and or business-specific assignments can be safely stored and shared with groups who have access.
Improved traceability:
There is instant auditing and all transaction history is available at a moments glance as all data { all movement of information } is imprinted onto the ledger with a data time stamp viewable to verify any transaction.
Increased efficiency and speed:
Blockchain greatly streamlines old school paper heavy document laden industries by removing the middleman and in return providing a trust less open source information ledger that is not dependent on human administrative audits or filing for accuracy and availability and speed.
Reduced cost:
Removing the middleman and intermediaries and trusting essentially trusting maths verifiable in stead of people has huge benefit to all parties and encourages an even higher spirit of excellence among all parties involved.
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Transparency:
There is no individual copy, network is shared and agreed thru Consenses
Security:
Confirmed transactions become linked to previous transactions, stored on the network, preventing fraud.
Improved traceability:
Audit trail shows where an asset come from and it’s complete journey, the process verifies the authenticity.
Increased efficiency and speed:
No paper process, no human potential error, it is an automated process on a single ledger and giving everyone access to the same information.
Reduced cost:
Third parties are no longer required to ensure guarantees. Trust is thru the data on the blockchain. Also less review required because it is a single immutable version.
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Transparency:
Blockchain is more transparent because it allows to verify the origin of transactions using a decentralized network of computers. It is constituted as a distributed ledger throughout the network, which keeps records of all transactions. Transactions are validated by consensus, which all participants must accept or reject. In addition, they can access all the participants who have access. Modifications made cannot be reversed or modified.
Security:
It is more secure because transactions must be accepted within the network, recorded, encrypted, and distributed over the network rather than a single server. This makes it much more difficult for the information to be compromised.
Improved traceability:
By recording transactions on the network, it is possible to trace their origin and the changes that may have occurred in the steps of a supply chain or events. It allows auditing the traces of transactions, preventing fraud and authenticating information.
Greater efficiency and speed:
With blockchain the human error from the process and the mediation of third parties to carry out processes are eliminated. Using the blockchain allows you to automate them, carry them out more quickly and efficiently. This is because all the records are held in a single shared ledger.
Reduced cost:
With blockchain, third parties and intermediaries that give guarantees are eliminated because the data is backed by blockchain.
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- Transparency:
Every transactions are put onto an online digital ledger after concensus on the network and anyone with permission can view the ledger. - Security:
Blockchain is a secure network where transactions cannot be changed or added in a later time. The network is making sure there is no fraudulent activity occuring. - Improved traceoccurring.
It is easier to trace a product and every stop it did on its journey. Anyone can verify a products authenticity using blockchain - Increased efficiency and speed:
Reduces the amount of time going through paper works to confirm a trade, no middlemen just peer to peer transactions. - Reduced cost:
Blockchain reduces the amount of middlemen to confirm a trade. Less people to pay.
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1.) Transparency
Everyone involved in any transaction has the same information thus increasing accuracy and transparency as opposed to individual records that can be costly, time consuming and create errors or ill will.
2.) Security
All transactions must be agreed upon before approval then once approved linked to the prior transaction and encrypted. Hacks and manipulation are extremely difficult since the information is stored on a network of computers as opposed to a single server.
3.) Improved traceability
Once information is stored on a blockchain an audit trail is created showing point by point the process taken by an asset. This is a excellent way to track items within various supply chains eliminating fraud.
4.) Increased efficiency and speed
Because records are kept on a single digit shared ledger agreed upon and shared by participants it dramatically cuts down on the time used and clutter often generated by traditional multiple ledgers. Third parties can be eliminated since everyone has access to the same information.
5.) Reduced cost
This ties into increase efficiency and speed, without third parties and middlemen costs can be reduced as trust is placed on the data and since everyone has access to the same immutable ledger the parties involved have no need to spend so much time reviewing the documentation. This form of transparency reduces costs and improves speed.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Blockchain is comparable to a public ledger. All the transactions are shared, there are no copies. The parties involved all must agree on the validity of every single transaction. This is called consensus.
Security:
Because the blockchain is a shared network, the transactions are stored in the network. This makes it hard to hack.
Improved traceability:
All the transactions made can be seen in the blocks and can therefore be traced easily.
Increased efficiency and speed:
There are no third parties involved. The system is based on math and protocol and is therefore trustless. Errors made by humans won’t be tolerated because all the transactions have to be checked and agreed upon through consensus.
Reduced cost:
Because of the efficiency of the blockchain (no third parties involved, les bureaucracy and so on) it saves time and therefore money. There are no copies of transactions made in the blockchain because there is just one version of the transactions made.
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Transparency:
Unlike what MSM might have you believe, blockchains are not “crypto” in the sense hidden, they are transparent. (The “crypto” aspect comes from the math within.) -
Security:
The math involved sees to it that there is no single point of attack or break-in. -
Improved traceability:
The blockchain is a ledger. A log-book if you like. All transactions are carefully, and irrevocably, recorded. -
Increased efficiency and speed:
There are actually some bottle necks here, blocktime is one. But those aside, blockchains can be very efficient in tying together, and carefully recording, transactions -
Reduced cost:
Transactions that are now put in spread sheets, heterogenous databases, and other ill-structured fashions can handily be shown in blockchain based logs, thus reducing all costs therewith incurred.
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Transactions in a blockchain are transparent a public ledger where every participant share the same documentation and everyone agrees on it. It is impossible to alter a transaction already made. In order to do it, it must change all prior records causing a collapse of the Network.
The SECURITY consists on a consensus between participants on the network that is more secure than any other system existed. In fact, transactions are encrypted and linked to a previous one. Moreover, every transaction is recorded across the network. It is public and automatically auditable on the spot.
TRACEABILITY: Blockchain technology record A transaction from the beginning to the end. It is automatically auditable and it prevents frauds and could be tracked. It is beneficial to any company that deals with multiple transactions or a long supply chain.
EFFICIENCY AND SPEED: Blockchain is a technology that permits the transaction between two parties without the permission of a third party. On the other hand, not a human error, nor time consuming are involved in the process. Lack of trust in a third party and entire trust in mathematic perfect operation let this process be faster And efficient.
REDUCTION OF COSTS: Not having a third party involved in the process, reduces unnecessary fees in a single transaction. Trusting the data instead, makes the process cheaper and more secure.
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Benefits of using a Blockchain
Transparency:
Blockchain is a distributed ledger which is made accessible to all. It is a single documentation source shared by the network participants. Hence, the data has greater accuracy, consistency and transparency as compared to having multiple individual copies.
Security:
Blockchain has no single point of failure as a decentralised network. The transaction finality is immutable and its record is shared across a network of computers. In this way, it is resistant to censorship, fraud, double-spending and hacking efforts.
Improved traceability:
Blockchain allows participants to publish an audit trail which presents the transaction origin and its subsequent blocks.
Increased efficiency and speed:
Blockchain automates and streamlines processes by eliminating the need of a trusted third party. The transaction enables the accounting and settlement near real-time, thereby removing friction and risk.
Reduced cost:
Blockchain put an end to the middlemen as every participant in the network is a server and client. In a peer-to-peer model, two participants can transact directly with each other without a trusted third party.
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